VANCOUVER, July 18, 2014 /CNW/ - American CuMo Mining Corporation ("CuMoCo" or the "Company") (TSXV: MLY; OTCQX: MLYCF) and Shaun Dykes, Chief Operating Officer, are pleased to announce that yesterday afternoon the Supreme Court of British Columbia heard Mr. Dykes' application for an order to halt the lawsuit brought by IEMR Hong Kong ("IEMR(HK)") against the Company and Mr. Dykes on June 17, 2014, and ordered that the lawsuit be stayed. Yesterday evening, IEMR(HK) published a news release that incorrectly stated that the lawsuit was "ongoing" when it was actually stayed by the Court yesterday afternoon. IEMR(HK) first attempted to delay Mr. Dykes' application yesterday, with a preliminary request to adjourn it for some unspecified period of time, but the Supreme Court dismissed IEMR(HK)'s application for a delay
The Court ruled that Mr. Dykes was correct in his argument that IEMR(HK)'s claim was improperly commenced. The Court ruled that, by having commenced the lawsuit as a Notice of Civil Claim, IEMR(HK) was circumventing the Rules of Court, which entitle Mr. Dykes to the right to require that IEMR(HK) support the serious claims that it was making against him and the company with a sworn affidavit. By following an improper procedure, IEMR(HK) filed allegations against Mr. Dykes without any sworn evidence to support them. Mr. Yiming Xie published certain of its unsupported allegations in a public news release on June 30th. Yesterday's ruling by the Supreme Court requires IEMR(HK), if it wishes to continue with a new proper Petition proceeding, to file a sworn affidavit deposing to the allegations against Mr. Dykes, rather than simply making unsupported allegations, as it did in its initial lawsuit. The court also awarded costs to Mr. Dykes.
American CuMo Mining Corporation
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This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation including, but not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, such the Company's ability to move its CuMo Project to feasibility and production, and to become one of the largest and lowest-cost molybdenum producers in the world as well as a significant producer of copper and silver. Forward-looking information is based on a number of material factors and assumptions, including the result of exploration activities, the ability of the Company to raise the financing for a feasibility study and to put the CuMo project into production, that no labour shortages or delays are experienced, that plant and equipment function as specified that the Court will not intervene with the Company's proposed exploration activities at the CuMo Project, and the ability of the Company to obtain all requisite permits and licenses to advance the CuMo Project and eventually bring it into production. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future prediction, projection or forecast expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of molybdenum, silver and copper; possible variations in grade or recovery rates; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing, as well as those factors disclosed in the Company's publicly filed documents, including the Company's Management's Discussion and Analysis for the period ended September 30, 2013. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
SOURCE: American Cumo Mining Corporation
For further information: American CuMo Mining Corporation, Tel: (604) 689-7902, Email: [email protected]